Frankfort, IL Cost of Living

Frankfort cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

An overview of the general cost of living index for Frankfort, IL is displayed above for your reference. Residents in Frankfort, IL enjoy a cost of living index of 128. This index is 29% higher than the Illinois average, and 28% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Frankfort, IL, the average cost of goods and services is 2% lower than it is in Illinois, and it is 4% lower than the national average.

Did you know?

The cost of living in Frankfort is 29% higher than the Illinois average.

The cost of living in Frankfort is 28% higher than the national average.

The cost of housing in Frankfort is 92% higher than the national average.

Illinois general sales tax is 23% higher than the national average.

Illinois state income tax is 69% higher than the national average.

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Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

The salary calculator allows you to compare how much your current salary in Frankfort, IL would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Frankfort, IL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Frankfort, IL salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$113,302

$9,442

$2,644

$3,399

Renters

$69,746

$5,812

$1,627

$2,093

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Frankfort, IL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Frankfort, IL has a median income of about $113,302 for people who own homes. Based on that number, a person should spend a maximum of $2,644 on expenses related to housing. Renters have a slightly different median income, which is $69,746. Based on this average, renters should spend no more than $1,627 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Illinois Sales Tax

State

General Sales Tax

With Max Surtax

Illinois

6.25%

9.75%

Illinois Income Tax

State

Income Tax (Low)

Income Tax (High)

Illinois

3.75%

3.75%

When considering the overall cost of living expenses in Frankfort, IL, it's important to take into account the sales tax for Illinois, as well as the rate for income tax in Illinois. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Illinois is 9.75%, and the sales tax in the state of Illinois is 6.25%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Illinois starts from 3.75% and goes up to 3.75%.

Goods & Services

Item

Frankfort

National avg.

Difference

Haircut

$15.50

$14.59

6.2%

Beauty Salon

$37.40

$34.68

7.8%

Toothpaste

$3.31

$2.47

33.8%

Shampoo

$1.53

$1.02

49.7%

Movie

$10.26

$9.87

4.0%

Bowling

$3.51

$4.39

20.1%

Groceries

Item

Frankfort

National avg.

Difference

Ground Beef

$4.21

$4.48

6.0%

Fried Chicken

$1.56

$1.46

6.6%

Milk

$2.65

$2.36

12.4%

Potatoes

$2.78

$3.06

9.2%

Pizza

$8.86

$9.24

4.1%

Beer

$8.19

$8.63

5.1%

Health Care

Item

Frankfort

National avg.

Difference

Optometrist

$111.13

$99.78

11.4%

Doctor

$129.44

$105.03

23.2%

Dentist

$82.38

$88.70

7.1%

Ibuprofen

$8.99

$9.41

4.5%

Lipitor

$298.47

$298.50

0.0%

Housing

Item

Frankfort

National avg.

Difference

Home Price

$348,600.00

$175,700.00

98.4%

Avg. Mortgage Payment

$1,023.97

$1,081.03

5.3%

Apartment Rent

$1,643.00

$920.00

78.6%

Transportation

Item

Frankfort

National avg.

Difference

Gasoline

$2.03

$2.09

3.1%

Tire Balancing

$49.67

$45.29

9.7%

Utilities

Item

Frankfort

National avg.

Difference

All Electricity

$175.65

$170.80

2.8%

Phone

$29.20

$28.26

3.3%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.